Chinese Bank Reviewing $6Bn Loan Request for Railway Project
After resolving all outstanding technical, administrative, and other concerns, the Chinese government has submitted Main Line-1 (ML-1) to the Exim Bank of China for approval of a $6 billion loan, clearing the way for the start of civil work on this project this year.
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A local media outlet said that the Executive Committee of the National Economic Council (ECNEC) had authorized the three-phase development of the ML-1 project during its meeting in August of last year.
The project’s true cost, which initially included Pakistan’s government share, was $9 billion; however, it was later cut to $6.8 billion.
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Upgrades to the ML-1 line between Karachi and Peshawar and Taxila and Havelian (1,872 km) include laying new track with an improved subgrade for 160 km/per hour, repairing and building bridges, installing contemporary signaling and telecom systems, turning level crossings into underpasses and flyovers, fencing the track, establishing a dry port near Havelian, and renovating Walton Training Academy in Lahore.
The ministry would then be able to start the international bidding procedure once this entire process had taken a few months.
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